Nigeria and South Africa renews bilateral agreement

(L-R) Minister of Trade and Investment, Olusegun Aganga, South Africa High Commissioner, Mr. Kingsley Mamabolo and Mr. Inibehe M. Okori (NEIC) during the visit of the high commissioner to the ministry’s headquarters in Abuja

Nigeria and South Africa renews bilateral agreement

Hauwa Noroh Ali, Abuja

The Minister of trade and Investment Olusegun Aganga says that the Nigerian Government will revisit commitments and bilateral agreement with South Africa to determine the success and failure of the agreement.

He stated this during a courtesy visit paid by the South Africa High Commissioner in Nigeria, Mr Kingsley Mamabolo to the Minister in his office in Abuja.

Big market

The Minister stated that government intends to evaluate the bilateral agreement to determine its success and impact on both countries adding that there was no point having agreement in place without yielding desire result.

“I have to make sure that we are proactive in managing, measuring and monitoring the success of the agreement and bilateral commission between both countries”

Mr Aganga noted that previous committee put together by both countries have not been able to come up with specific course of actions that the two countries need to take.

He added that there was the need to revisit the commitments and look at the composition of the members and set up the one that will be far more effective.

Benefit of both countries

He said Nigeria has a big market, with growing middle class and 33 different solid minerals in commercial quantity and urged investors from South Africa to invest in agriculture and mining sector of the economy to the benefit of both countries.

Earlier, the South African High Commissioner in Nigeria Mr. Kingsley Mamabolo pointed out that about 100 South African companies are operating in Nigeria.

He noted that both countries have enormous potentials that could leapfrog the continent to a greater height.

Volume of trade

The economy of Nigeria was growing fast and hope for Bi-national Commission that will enhance collaboration between both countries, he said.

Mr. Mamabolo said that South African government has set up a commission to encourage investment from Nigeria into South Africa

This was based on the complaint from the Nigerian side of minimal level of participation of Nigerian Businessmen in the South African economy that the volume of trade between both countries was in favour of Nigeria.

Iheanacho